Trading as a beginner can often feel like you're working as a lone wolf. You might not know anyone else who trades part-time or for a living, and might not have any friends interested in learning. So: where can you turn to for support? Here, we take a look at a range of different places to find advice, tips and encouragement so you can find the best forex trading community for you - because we all need a little boost of motivation sometimes!
This blog is part of our new Make It Happen series, a series of blogs aimed at total beginners to forex: for people working a full-time job, with little capital to start off with, and limited time to learn how to trade. Sound familiar? Here’s how to get started on your trading journey.
How to Find the Best Forex Trading Community for You
- Best for: peer to peer discussions
A great forex trading community needs to be part of an extensive network dedicated to your interests. A forum is the most prominent open space on the internet, with the best opportunity to find other traders and like-minded people. The best part is that you don't have to sign up for an account with a forex broker to participate in a forum, which means you get all the info you need without paying for it.
Forex forums are a popular method for investors to connect with other traders, discuss ideas, and gain valuable insight. Many posts offer sound investment advice along with personal experience. By reading through several posts on various topics, you can earn a more well-rounded idea of how the world of forex investing works.
Tip: Read how other traders got started. See our Q&A with Lex van Dam (Million Dollar Traders)>>
- Best for: a niche community
Reddit is one of the best forex trading communities where people share information and ideas. It encourages a community to share ideas, discuss them and make their conclusions. Plus, users can rate and comment on posts to help you decide what is valuable, what is garbage, and who has proper knowledge.
Reddit is an invaluable tool for forex traders. It is the largest forum community where people worldwide gather together to share their common interests. Forex traders can benefit a lot from this type of community because it has well-organized threads that can help them gain more knowledge about forex trading and improve their skills in learning.
From the automated forex strategies to a trading diary, there are many how-to articles you can read from Reddit. To get information from different advisors and their trading experiences, you can post your questions in the subreddits (communities) or choose a subreddit that interests you.
Tip: Listen to other traders talking. See the five best forex trading podcasts>>
- Best for: exposure and engagement
Facebook groups provide that exposure with the opportunity to engage in discussions. These are the best places for tips, questions, and help from other traders. Many of the top online forex brokers have a presence on Facebook and actively promote their groups. You can find some of the best forex traders and forex brokers together on these platforms. If you're trading with BluFX, for example, you can join our Facebook group here.
Tip: See how other traders got started - Luyanda started with BluFX and is entirely self-taught. Read our Q&A with Luyanda here>>
- Best for: education and growth
Since 2010, Zoom, the company behind video conferencing, has seen its product expand to include corporate meetings and webinars. Zoom has pioneered a unique domain with the ability to share content from any device with anyone, anywhere in the world. This ability to bring in "remote" members is now being used for trading education, where traders worldwide can learn from the best forex brokers/traders.
Zoom's forex trading community provides on-demand meetings that take you from novice to expert in just a few steps. On-demand means there are always opportunities for you to learn and trade—whenever, wherever! If you want to chat with other traders, join in with a live webinar or discuss your questions in an impromptu Q&A session, either way, there's a place where you belong.
Tip: Try different forms of learning. Here are 7 best forex trading audiobooks>>
- Best for: connect with traders and educators
Twitter chats, organised around specific themes, are a great way to communicate with other forex traders and educators. These virtual chats occur every day (usually throughout the business day) and are open to members and nonmembers alike.
Find the best forex trading community while building a network of fellow traders and educators. From global professional associations to retail trader groups. These are your local currency trading buddies, mentors, and resources.
- Best for: learning forex trading from home
The best forex trading community is one where you can find people with varying levels of experience, such as beginners, experienced, and professionals. There are YouTube channels based on forex trading that are very informative, especially if you want to learn from your home's comfort.
These videos can help you understand how the market works, its different instruments and chart patterns, and learn to trade through practice. They are also sources of inspiration and motivation for those who have just started in the forex business.
Tip: Get up to speed with YouTube trader channels. See 3 Best Forex Trader YouTube Channels here>>
- Best for: learning in person
If you're looking to find the best forex trading community for your individual needs, you should consider attending a meet-up in your city (once it's safe to do so with COVID-19).
Great forex traders are not necessarily made in financial institutes; they might be that guy you just met on the subway. A meet-up is a great way to meet like-minded people.
Meet-ups are designed for all forex traders, whether you're a complete beginner or a seasoned pro. You can swap stories with other traders and find out the best strategies and practices for making money in the markets. Come prepared with several trade ideas and a few questions—you're sure to leave with tips, contacts, and possibly even some new friends!
Stay tuned for more in the Make It Happen series for practical tips on learning forex as a total beginner and getting your head in the trading game...